FX.co ★ Forecast for GBP/USD on October 20, 2022

According to the UK inflation figures released yesterday, it became clear that the record high inflation of the last 40 years at 10.1% is not going to decrease. The pound lost 0.94% during the day.

On the daily chart, the price turned down from the point where the balance and MACD indicator lines coincide. Now the price is approaching the support at 1.1170, overcoming which opens the target at 1.0810 – the nearest green price channel line from the monthly timeframe.

The price settled below the MACD line on the four-hour chart. The signal line of the Marlin Oscillator below the zero line - in the downward trend area. The price is preparing to overcome the support of 1.1170.